YOHAN PERERA  Courtesy The Daily Mirror

Colombo, April 11 (Daily Mirror) – The U.S. does not have the economic capacity to impose its will on the rest of the world, former President Ranil Wickremesinghe said today. 

He said the following in his statement:

In 1950 the U.S. had 50% of the world’s GDP. Today it is only 25%, China has 19% and the EU 13%. These high reciprocal tariffs seeks to destroy the manufacturing capacity of Asia from East Asia to South Asia. This also affects Australia. In one blow, the faith in the Indo Pacific has been lost. It will also weaken support for Taiwan in the region. 

Many low paying jobs in Asia, totaling over millions will be affected. The aspirations of joining the middle class destroyed, public support will move towards China now. China stands strong in our part of the world. This was the best time for China to hit back when the whole world was affected, so they haven’t got to be isolated. It seems to have planned a response to the US. China has to survive 18 months till the US midterm elections. President Xi has no midterm elections. Russia is also winner from the US-China rivalry unscathed by tariffs and with a weaker US handling the Ukraine peace talks already, new proposals for a World Order has come out.

ASEAN especially wants the WTO to mediate in the question of tariffs. Former Prime Minister Gordon Brown has suggested a coalition of the willing and at the same time that China has to increase its domestic consumption, providing an alternate market. The question we faced earlier was determining China’s place in a U.S. made world order. Now we have to decide the place of U.S.